A new state survey suggests Minnesota manufacturing is stabilizing, and may even be slowly experiencing an economic rebound. Minnesota has lagged behind the rest of the country in climbing out of the recession. One major reason was the predominance of manufacturing in the state's economy. Manufacturers took the brunt of the economic downturn.
Last week, the six largest U.S. airlines, including Twin Cities-based Northwest Airlines, decided to stop paying most commissions to travel agents who sell their tickets. Airline industry analysts say the commissions are an unnecessary expense at a time when carriers are struggling to restore their financial health following Sept. 11.
Peter Lytle's Business Development Group will likely announce this week whether they will acquire Fingerhut. Lytle's group specializes in reviving troubled companies. The Minnetonka-based catalog retailer may be the most challenging turnaround to date for Lytle's group. A look at one of Lytle's past turnaround efforts shows the potential risks and rewards of resurrecting failing companies, and the strategies Lytle is likely to use.
The Guthrie Theater has unveiled the design for its new three-stage complex on the banks of the Mississippi River in downtown Minneapolis. French architect Jean Nouvel blended the site's historical character with his own unique vision of the future to design what many say will be a landmark building.
Fingerhut's demise could potentially leave 6,000 people without jobs, 4,700 of them in Minnesota. If Federated Department Stores can't find a buyer, it says it will close Fingerhut. But analysts and former employees say Fingerhut's business model is still sound. And those who watched Fingerhut falter and fail say Federated mismanaged Fingerhut.
The Ford assembly plant in St. Paul has survived a massive companwide restructuring. The company says it won't slow production at the St.Paul plant, or lay off any workers there. The news brought relief to union officials at the plant. But that relief was mitigated by concern for colleagues who lost their jobs, and by concerns over the long-term future of the St. Paul facility.
Shoppers in Minnesota and across the nation bought slightly more this holiday season than they did last year. Topping their lists were electronics and other home-related products. Analysts say the impulse to buy such goods gained strength after Sept. 11, when many people appeared to feel that staying close to home was a good idea. The trend was good news for Twin Cities-based retailers Target and Best Buy.
The St. Paul Companies' decision to end medical malpractice insurance dealt a blow to many long-term care providers in Minnesota and across the country. For many nursing homes in the state, the St. Paul was the last company to offer insurance at reasonable rates.
The largest private employers in downtown Minneapolis and St. Paul - American Express and the St. Paul Companies - have announced plans to lay off hundreds of employees.
With the demise of Sun Country Airlines, air fares between the Twin Cities and dozens of destinations will rise, analysts say.
The stage show Triple Espresso started humbly enough in a church basement in 1995. Since then, the production has become the foundation for a burgeoning business enterprise.
Northwest Airlines and other Minnesota-based carriers have laid off more than 3,000 employees in the state since Sept. 11. Those workers have the bad luck of needing to find a job in the toughest labor market in years. Rejoining the workforce may be an even taller task for those who had spent most of their careers in the airline industry.
General Mills and Pillsbury are finally merging after months of delay. The $10.4 billion deal brings together two neighbors and longtime rivals. Their now-shared goal is to become a fast-growing food industry leader.
The Mall of America is a widely recognized symbol of American consumerism. In recent weeks, the mall has also moved onto the list of potential targets for terrorism. But despite increasing concern about safety at the Mall, shoppers have not stayed away.
The economic ripple effect from last month's terror attacks continues to reverberate through the Minnesota economy, as airlines - and the companies that rely on them - lay off more people. Meanwhile, food shelves and other social services in the Twin Cities are struggling to keep up with rising demand and a significant dropoff in donations.